IN : Indian Oil Corp - Robust earnings

Record earnings in 4Q but likely driven by huge inventory gains, which IOC has declined to disclose from now on. We expect recovery in volumes and GRMs in FY22F-24F, assuming the current negative impact on economic activity due to Covid to be short-lived. We maintain our Add rating and TP of Rs150 (1.1x Mar23F P/BV, 14% ROE in FY23F). Over 7% dividend yield is key catalyst.

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